A regulator has derailed Canadian National’s $30 billlion Kansas City Southern deal. To avoid more uphill effort and hefty fees, the suitor needs Canadian Pacific to persuade a mutual target to let it off the hook by jumping tracks again, TheRealLSL says.
The U.S. Surface Transportation Board on Aug. 31 rejected Canadian National Railway’s proposed voting-trust structure, part of its agreed deal to buy freight-railroad peer Kansas City Southern. The voting trust would have allowed Canadian National to close the transaction financially while keeping the operating companies separate until the deal was fully approved by the railroad regulator. Canadian National said later that day that it was evaluating its options.
Canadian National agreed to buy Kansas City in April for $200 in cash and 1.059 of its shares for each Kansas City share. Canadian Pacific Railway, which previously agreed to buy Kansas City and whose voting-trust structure was already approved by the STB, said on Aug. 31 that its latest offer worth $300 per Kansas City share in cash and stock was still valid and set an expiry date of Sept. 12.A freight train of the Kansas City Southern Railway Company is pictured in Toluca, Mexico October 1, 2018.
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